Public Service Enterprise Group (PEG) Q2 2026 earnings summary

Executive summary

• Reported Q2 2026 net income of $334 million ($0.67 per share) and non-GAAP operating earnings of $425 million ($0.86 per share); six-month net income was $1,075 million ($2.15 per share) and non-GAAP operating earnings were $1,203 million ($2.41 per share).

• Growth driven by regulated investments in system replacement, reliability, energy efficiency, and nuclear generation, with a capital investment plan of $24–$28 billion for 2026–2030, over 90% of which is regulated.

• Strong operational response to severe storms and record summer demand, restoring power to 380,000 customers and handling a peak load of 10,446 MW, the highest since 2012.

• Clean Energy Future programs have generated over $1 billion in annual customer savings and supported 9,300 jobs since 2020.

• Maintained 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share and reaffirmed 6–8% annual growth outlook through 2030.

Financial highlights

• Q2 2026 net income was $334 million ($0.67 per share), down from $585 million ($1.17 per share) in Q2 2025; non-GAAP operating earnings rose to $425 million ($0.86 per share) from $384 million ($0.77 per share) year-over-year.

• Six-month net income was $1,075 million ($2.15 per share), down from $1,174 million ($2.35 per share) in 2025; non-GAAP operating earnings increased to $1,203 million ($2.41 per share) from $1,102 million ($2.20 per share).

• PSE&G Q2 net income was $342 million, up from $332 million in 2025; PSEG Power & Other reported a Q2 net loss of $8 million, down from $253 million profit.

• Maintained strong liquidity with $3.4 billion available as of June 2026.

• Dividend paid per share increased to $0.67 in Q2 2026 from $0.63 in Q2 2025; book value per share rose to $34.79.

Outlook and guidance

• Full-year 2026 non-GAAP operating earnings guidance reaffirmed at $4.28–$4.40 per share, representing ~7% growth over 2025.

• Five-year non-GAAP operating earnings CAGR of 6–8% through 2030, with rate base growth of 6–7.5% annually.

• No new equity issuance or asset sales needed to fund the $24–$28 billion five-year capital plan.

• 2026 indicative annual common dividend raised by $0.16 per share, marking the 15th consecutive annual increase.

• Regulated capital spending for 2026 is planned at ~$4.2 billion, focused on infrastructure modernization and energy efficiency.